automobile
New York (AFP) - Tesla shareholders voted in favor of a huge compensation package for CEO Elon Musk, endorsing the potential windfall after a Delaware court invalidated it, a company official said Thursday. Based on preliminary vote results, investors backed a plan of up to $56 billion for the mercurial Musk, corporate secretary Brandon Ehrhart said at Tesla's annual meeting in Austin, Texas. "I just want to start off by saying, hot damn, I love you guys," a euphoric Musk said as he took the microphone after the preliminary vote results were announced. The package was originally approved by in...
AFP
New York (AFP) - Electric vehicle company Tesla kept up the campaign to win last-minute votes ahead of a Thursday shareholder meeting that will weigh in on CEO Elon Musk's giant compensation package. "Tesla stockholders, time is running out," read a special webpage set up by the company for the annual meeting. Voting was set to conclude at 11:59 pm Wednesday on the US East Coast. Besides a pay package worth as much as $56 billion to the iconoclastic Musk, shareholders will also vote on a plan to shift Tesla's place of incorporation from Delaware to Texas. "The future value we are poised to del...
AFP
New York (AFP) - Electric automaker Tesla has launched a charm offensive to try to coax shareholders to vote Thursday for billionaire CEO Elon Musk's giant pay package, after the windfall was nixed in court. The company has mounted a social media campaign and even invited shareholders to enter a sweepstakes to win a tour of Tesla's Gigafactory in Texas, personally escorted by designer Franz von Holzhausen and Musk, on the eve of the annual meeting. The contest winners -- 15 shareholders picked at random -- will also have reserved seats at the June 13 meeting, at which investors will also vote ...
AFP
New York (AFP) - Workers at Mercedes-Benz's Alabama facilities have rejected a union drive in a setback to the United Auto Workers' ambitious campaign to organize the American South, according to results released Friday by US authorities. A preliminary tally had 2,642 voting against unionization and 2,045 in favor, a margin of 56 to 44 percent, according to the National Labor Relations Board, which oversaw a five-day vote at the Mercedes auto manufacturing plant and battery complex near Tuscaloosa. Led by President Shawn Fain, the UAW had high hopes for a second victory after winning an April ...
AFP
New York (AFP) - The US auto workers union's drive to organize auto plants in the southern United States faces a second test this week at Mercedes-Benz in Alabama following a triumph last month. Some 5,200 workers at the Mercedes auto manufacturing plant and battery complex near Tuscaloosa, Alabama will decide whether to join the United Auto Workers in a federally-administered election that runs from Monday through Friday. The election comes on the heels of the UAW's win on April 19 at Volkswagen's Chattanooga, Tennessee plant in the first successful UAW drive at a foreign-owned auto plant in ...
AFP
New York (AFP) - Tesla plans hundreds of additional job cuts beyond a recent company-wide layoff as it cracks down on costs in a tough electric vehicle market, according to a US media report. Elon Musk's EV company, which moved earlier this month to cut more than 10 percent of its 140,000 employes, will disband two departments and lay off most of the employees from the groups, reported the Information late Monday. The online technology publication quoted from a Musk email in which he vowed to be "absolutely hard core about headcount and cost reduction." Musk will seek to oust any executive "wh...
AFP
New York (AFP) - Tesla reported a big drop in quarterly profits Tuesday amid an increasingly cutthroat electric vehicle market, but shares rallied as CEO Elon Musk pledged to accelerate plans for a more affordable EV. Tesla reported profits of $1.1 billion, down 55 percent from the year-ago quarter on revenues of $21.3 billion, down nine percent as the company described EV sales as "under pressure." But shares rocketed up more than 11 percent in after-hours trading after Tesla pledged to "accelerate" new more affordable autos -- something Wall Street analysts have been clamoring for. The resul...
AFP
New York (AFP) - General Motors reported higher profits Tuesday thanks to continued strength in North America that offset a loss in its China business, enabling the carmaker to lift its forecast. GM, which has benefited from consistently strong demand from US consumers for pickup trucks and other larger vehicles, increased its range for 2024 net income by $300 million to between $10.1 and $11.5 billion. "The team is executing well and making progress across the board," GM Chief Executive Mary Barra said in a letter to shareholders. Net profits in the first quarter rose 24 percent to $3.0 billi...
AFP
New York (AFP) - Tesla CEO Elon Musk faces heightened pressure with Tuesday's earnings report to reassure investors that recent stumbles are simply unexpected speed bumps -- and not indications of a road to decline. The electric car maker, which enjoyed scorching growth for most of 2022 and 2023, has experienced setbacks that analysts say have raised the stakes for the first-quarter report. Tuesday's earnings and conference call are a "moment of truth" for Tesla and Musk, constituting "one of the most important moments in the company's history in our view," said a note from Wedbush. Heading in...
AFP
New York (AFP) - Volkswagen workers in Tennessee voted decisively to become a union shop, according to election results released Friday, marking the first victory for organized labor at a foreign-owned auto plant in the American South. With a solid 73 percent supporting, employees in the Chattanooga plant voted for representation by the United Auto Workers at the 13-year-old factory, according to results released by VW, a triumphant outcome for organized labor in a region in which it has long failed to make major gains. "Volkswagen workers just made history!" said a UAW post on X, the former ...
AFP
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